Latest news with #EDF
Daily Mirror
24 minutes ago
- Business
- Daily Mirror
RACHEL REEVES: 'I have never accepted that decline is Britain's inevitable path'
Giving the go-ahead for the Sizewell C nuclear power plant project shows Labour is 'getting on and delivering it' One year on from the general election and this government's task remains clear: to invest in Britain's renewal so we can rebuild our country's security, its health, and the economy. We have already made great strides towards achieving this. We have delivered the biggest uplift in defence spending since the Cold War that will not only help towards keeping our country safe from new global threats but will protect and create tens of thousands of good jobs across our industrial heartlands. The decisions we took at the Autumn Budget last year mean we can keep our commitment to putting the NHS back on its feet, with record investment that is going towards cutting hospital waiting lists. And we are investing in our country's economic future, with more than £100billion of new capital investment in homes, transport, and energy. I do not accept - and have never accepted - that decline is Britain's inevitable path. Instead, this government is taking the right choices today to build a brighter and more secure future. No project reflects this Government's ambitions more than our commitment to Sizewell C. For years, politicians have talked about investing in cleaner, cheaper energy. We are getting on and delivering it. At the spending review last month, I announced an initial multi-billion-pound investment to fund Sizewell C, so we can power the equivalent of around six million homes with clean, homegrown energy that we control. Today, we have struck a deal with EDF, Centrica, La Caisse, and Amber Infrastructure. It is the biggest investment in clean and homegrown energy this century, and learning the lessons of the past, represents a saving of around 20% when compared with Hinkley Point C. These deals mean construction can get underway, thousands of jobs will be created, and millions of people will benefit from cheaper, cleaner power, putting more money in their pockets each month. But this deal is not just proof this Government is getting things done, it shows the huge confidence companies at home and overseas have in investing in Britain's future. Since the election, we have seen announcements of over £100billion of private sector investment. From Universal's investment in a new theme park in Bedford to Oracle's investment in cutting-edge cloud infrastructure here in the UK. And the reforms I announced last week in the City to free financial services from red tape have been welcomed by HSBC, Royal London, the CBI and others as opening the door for future investment and making us even more competitive on the world stage. We promised change at the election, and we are delivering that change. We have put a stop to the dither and delay. We have ended the previous government's commitment to decline, with a plan for national renewal - and we are just getting started.
CTV News
3 hours ago
- Business
- CTV News
Caisse de dépôt invests $3.2B in United Kingdom nuclear power plant
A general view of the turbine hall of the Sizewell B nuclear power facility ahead of a visit by British Prime Minister Rishi Sunak, in Sizewell, England, Wednesday, June 19, 2024. (Leon Neal/Pool Photo via AP) The Caisse de dépôt et placement du Québec says it plans to invest the equivalent of $3.2 billion alongside the United Kingdom government in the Sizewell C nuclear power plant project. The $1.7 billion investment represents a 20 per cent stake in the 3.2 GW project, which is expected to supply electricity for 60 years. The announcement comes as a surprise, as Canadian company Brookfield was expected to be the British government's main partner. Other shareholders include French company EDF, British multinational Centrica and Amber Infrastructure. The Caisse says it plans to invest $8 billion in the U.K. over the next five years, which would increase its investments in the country by 50 per cent. Quebec's pension fund also recently announced its intention to invest $400 billion in companies that are decarbonizing their activities in search of climate solutions. The Sizewell C power plant would reduce the U.K.'s dependence on hydrocarbons and cut carbon emissions by 9 million tonnes per year. Environmentalists are divided on nuclear energy as it offers an alternative to hydrocarbons in reducing CO2 emissions, but produces radioactive waste that must be managed for many years. This report by The Canadian Press was first published in French on July 22, 2025.
Telegraph
5 hours ago
- Business
- Telegraph
If one green energy plant costs £36bn, there's no hope for net zero
It is reliable, safe, and while it is not one hundred per cent carbon-free once you factor in the impact of mining for all the minerals, it is about as green as you can possibly get. There are plenty of strong arguments for increasing Britain's supply of nuclear energy, and the Energy Secretary Ed Miliband has made the right decision today in approving the Sizewell C power station. There is just one catch. The cost has doubled over the last five years, and will double again before its reactors are switched on. In reality, Miliband and the Green Commissars around him are allowing red tape and bureaucracy to drive the cost of the green transition to astronomical levels – and that will destroy the whole project. It will at least help make sure we have enough power to keep the lights on when the wind turbines aren't working. The Sizewell C nuclear power plant will generate enough power for about six million homes once it is finished. The Government will own a majority stake, but the British Gas-owned Centrica, France's EDF, along with some investment funds, have been strong-armed into taking stakes, while the taxpayer-financed National Wealth Fund will provide much of the finance. 'It is time to do big things and build big projects in this country again,' boasted Miliband as he announced the project. Here's the problem, however. The plant will cost £38bn, almost double the £20bn that was estimated when it was first under discussion five years ago. If anyone believes it will actually get delivered at anything close to that figure I have a 'pre-loved' windmill I would like to sell them. Given the atrocious cost overruns that plague every major infrastructure project in the UK the final cost will be well over £60bn and perhaps as high as £80bn. It is going to be an incredibly expensive piece of kit. It does not have to be this way. Nuclear power plants can be built at far lower cost. In France, a new plant costs an estimated €11-12bn euros, and even the Flamanville Plant, which suffered significant cost overruns, only came in at €13bn euros. Sure, costs vary according to their size, and type of reactor. But Britain Remade, a think tank, estimated Britain has the second highest costs in the world behind only the United States (which prefers to focus on its abundant fracking industry). In this country, nuclear costs an estimated £9.4bn per megawatt to build, compared with £4.4bn in France, and £2.2bn in South Korea. Given that upfront capital costs are the major expense with nuclear power – once it is up and running it is very cheap – that means energy bills will be two or three times higher for homes than they would be if we could build at the same price as South Korea. We all know the reason why. Britain has allowed the cost of building even a minor pedestrian bridge, never mind something as controversial as a nuclear power station, to be smothered in red tape. Planning reports run to tens of thousands of pages, legal challenges are allowed at every step of the way, and every form of wildlife is prioritised over the long-suffering British taxpayer. If Miliband was serious about hitting his net zero targets he would ruthlessly slash red tape until we got down to South Korean levels. If he could do that, we could take the cost of Sizewell C down to £10bn. And yet, the harsh truth is this. Miliband and the Green Commissars care even more about rules, regulations and state control than they do about saving the environment. If Miliband let the market work he could deliver green energy on time, at reasonable cost – but none of us should hold our breath waiting for that to happen.
RTÉ News
5 hours ago
- Business
- RTÉ News
UK gives green light to £38 bn Sizewell C nuclear plant
The UK government has today given new British nuclear power plant Sizewell C the final go-ahead after reaching a deal with investors, aiming to bolster net zero and energy security goals. The UK government, the largest shareholder in the project, said Sizewell C, in eastern England, will cost around £38 billion to construct. The project will also be funded by Canadian pension fund La Caisse, British Gas owner Centrica, Amber Infrastructure and French energy giant EDF. "It is time to do big things and build big projects in this country again," Energy Secretary Ed Miliband said in a statement. "Today we announce an investment that will provide clean, homegrown power to millions of homes for generations to come," he added. The plant, which has been in financial limbo for over a decade, is not expected to start generating electricity until the 2030s. The projected construction cost of £38 billion exceeds previous official estimates of £20 to £30 billion - and campaigners have warned that further cost overruns or delays could impact households. The final investment decision gives the government a 44.9% stake in the project. Among the new investors in Sizewell C, La Caisse holds a 20% stake, Centrica 15% and investment manager Amber Infrastructure an "initial" 7.6%. EDF announced earlier this month that it will take a 12.5% stake in the project - down from 16.2% ownership at the end of 2024. The UK has refocused on shoring up nuclear power since the start of the war in Ukraine, in the name of energy security and faced with a fleet of ageing power stations. Prime Minister Keir Starmer's government has also pledged by 2035 to reduce UK greenhouse gas emissions by 81% on 1990 levels, under plans to reach net-zero by 2050. The use of nuclear energy as an alternative to fossil fuels is highly controversial, however, with many environmental groups warning about safety risks and the disposal of nuclear waste. The plans for Sizewell C have been met with anger by some local residents worried about the impact of the new plant on the town of Leiston in Suffolk. Once operational, the project will power around six million homes and create around 10,000 jobs, according to the government. Near to Sizewell C is the Sizewell B nuclear power station which is due to close in 2035 - and Sizewell A which is in the process of being decommissioned. EDF is also building the Hinkley Point C nuclear power plant in southwestern England, although it has been plagued by delays and rising construction costs.
Int'l Business Times
6 hours ago
- Business
- Int'l Business Times
UK Gives Green Light To GBP38 Bn Sizewell C Nuclear Plant
The UK government on Tuesday gave new British nuclear power plant Sizewell C the final go-ahead after reaching a deal with investors, aiming to bolster net zero and energy security goals. The government, the largest shareholder in the project, said Sizewell C, in eastern England, will cost around GBP38 billion ($51 billion) to construct. The project will also be funded by Canadian pension fund La Caisse, British Gas owner Centrica, Amber Infrastructure and French energy giant EDF. "It is time to do big things and build big projects in this country again," Energy Secretary Ed Miliband said in a statement. "Today we announce an investment that will provide clean, homegrown power to millions of homes for generations to come," he added. The plant, which has been in financial limbo for over a decade, is not expected to start generating electricity until the 2030s. The projected construction cost of GBP38 billion exceeds previous official estimates of GBP20 to GBP30 billion -- and campaigners have warned that further cost overruns or delays could impact households. The final investment decision gives the government a 44.9 percent stake in the project. Among the new investors in Sizewell C, La Caisse holds a 20 percent stake, Centrica 15 percent and investment manager Amber Infrastructure an "initial" 7.6 percent. EDF announced earlier this month that it will take a 12.5 percent stake in the project -- down from 16.2 percent ownership the end of 2024. The UK has refocused on shoring up nuclear power since the start of the war in Ukraine, in the name of energy security and faced with a fleet of ageing power stations. Prime Minister Keir Starmer's government has also pledged by 2035 to reduce UK greenhouse gas emissions by 81 percent on 1990 levels, under plans to reach net-zero by 2050. The use of nuclear energy as an alternative to fossil fuels is highly controversial, however, with many environmental groups warning about safety risks and the disposal of nuclear waste. The plans for Sizewell C have been met with anger by some local residents worried about the impact of the new plant on the town of Leiston in Suffolk. Once operational, the project will power around six million homes and create around 10,000 jobs, according to the government. Near to Sizewell C is the Sizewell B nuclear power station which is due to close in 2035 -- and Sizewell A which is in the process of being decommissioned. EDF is also building the Hinkley Point C nuclear power plant in southwestern England, although it has been plagued by delays and rising construction costs. The government noted that the construction costs of Sizewell C would be around 20 percent cheaper than Hinkley Point C.
